Viking Supply Ships

Share Issue/Capital Change • Dec 22, 2016

Outcome of Viking Supply Ships AB's rights issue

Outcome of Viking Supply Ships AB's rights issue

This press release may not be disclosed, published or distributed, directly or

indirectly in or to the USA, Australia, Japan, Canada or any other jurisdiction

where such measure entirely or partially is subject to legal restrictions.

22 December 2016

The final statement of outcome in the new share issue in Viking Supply Ships AB

("Viking Supply Ships" or "the Company") with preferential rights for the

Company's shareholders shows that 107,983,029 shares (whereof 6,748,258 A-shares

and 101,234,771 B-shares), corresponding to approximately 78.2 percent of the

offered shares were subscribed for by exercise of subscription rights. In

addition, 2,428,793 shares (whereof 2,301,144 A-shares and 127,649 B-shares)

have been allocated to persons who have subscribed for shares on the basis of

secondary preferential rights or without preferential rights. The remaining

27,600,424 B-shares, corresponding to 20.0 percent of the offered shares were

assigned to Kistefos (through the wholly owned subsidiary Viking Invest AS)

acting as guarantor.

The Company's largest shareholder Kistefos AS has (directly or indirectly

through the wholly owned subsidiary Viking Invest AS) ("Kistefos") on the basis

of primary preferential rights, secondary preferential rights or without

preferential rights, and pursuant to the guarantee undertaking, been allocated

in total 6,934,963 A-shares and 120,123,468 B-shares equivalent to approximately

76.6 percent and 93.1 percent of the offered A-shares and B-shares,

respectively, corresponding to in total approximately 92.1 percent of the

offered shares.

The allotment of shares that were subscribed for without subscription rights has

been made in accordance with the principles outlined in the prospectus that was

prepared in conjunction with the rights issue and published on 1 December 2016.

Notification regarding the allotment of shares that have been subscribed for

with secondary preferential rights will shortly be sent to those who have been

allotted shares. Through the rights issue, Viking Supply Ships will receive

approximately SEK 207 million before deduction of transaction costs. The share

capital will increase by SEK 138,012,246 from SEK 177,444,318 to SEK

315,456,564, and the number of shares will increase by 9,049,402 A-shares and

128,962,844 B-shares, from 177,444,318 shares to 315,456,564 shares when the

rights issue has been registered with the Swedish Companies Registration Office

("SCRO").

The new shares subscribed for with subscription rights are expected to be

registered with the SCRO on or about 22 December 2016, and are expected to start

trading on Nasdaq Stockholm on or about 4 January 2017. The new shares

subscribed for on the basis of secondary preferential rights or without

preferential rights are expected to be registered with SCRO on or about

30 December 2016 and are expected to start trading on or about 4 January 2017.

Furthermore, subscription and allotment have also been made in the share issue

with payment against set-off for Kistefos (through the wholly owned subsidiary

Viking Invest AS) in respect of the guarantee fee for Kistefos' undertaking as

guarantor in the rights issue. Through the share issue with payment against set

-off for Kistefos, the share capital will increase by SEK 1,838,490 and the

number of shares will increase by 1,838,490 B-shares, when the share issue has

been registered with the SCRO. The new shares are expected to be registered with

the SCRO on or about 30 December 2016, and are expected to start trading on

Nasdaq Stockholm on or about 2 January 2017.

Through the rights issue, the two new issues with payment against set-off to

Viking Invest AS and Odin Viking SPV AS, respectively, in which the outcome was

announced through a press release on 20 December 2016, the directed new issue to

Odin Viking SPV AS in which subscription was made on 19 December 2016 and the

new issue with payment against set-off to Viking Invest AS for the guarantee fee

for Kistefos' guarantee undertaking in the rights issue, the share capital of

the Company will increase with SEK 194,456,933 from SEK 177,444,318 to SEK

371,901,251, and the number of shares will increase with 9,049,402 new A-shares

and 362,851,849 new B-shares, from 177,444,318 shares to in total 371,901,251

shares when all above mentioned share issues have been registered with the SCRO.

Through the five above mentioned share issues, Kistefos will increase its

holdings in the Company to in total 12,892,783 A-shares and 295,526,354 B-shares

equivalent to approximately 62.3 percent and 84.1 percent of the total number of

A-shares and B-shares in the Company, respectively, corresponding to in total

approximately 82.9 percent of the total number of shares in the Company after

completion of the share issues.

Financial and legal advisors

Swedbank Corporate Finance is acting as financial adviser to Viking Supply Ships

in conjunction with the transactions. Mannheimer Swartling Advokatbyrå is acting

as legal advisor in conjunction with the share issues.

Investor relations

Bengt A. Rem, Interim CEO, tel. +47 94 01 71 71, e-mail bengt.rem@kistefos.no

Morten G. Aggvin, IR & Treasury Director, tel. +47 41 04 71 25, e-mail

mga@vikingsupply.com

Important information

The information in this press release does not contain or constitute an offer to

acquire, subscribe or otherwise trade in shares, subscription rights or other

securities in Viking Supply Ships AB.

This press release may not be published or distributed, directly or indirectly

in or into the United States, Australia, Japan, Canada or any other jurisdiction

where such action is wholly or partially subject to legal restrictions or where

such action would require additional prospectuses, registrations or other

actions in addition to what follows from Swedish law. Nor may the information in

this press release be forwarded, reproduced or disclosed in such a manner that

contravenes such restrictions or would require such requirements. Failure to

comply with this instruction may result in a violation of applicable securities

laws.

No subscription rights, BTAs (interim shares) or new shares will be registered

under the United States Securities Act of 1933 ("Securities Act") or securities

legislation in any other state or other jurisdiction in the United States and

may not be offered, subscribed, sold or transferred, directly or indirectly

within the United States, other than pursuant to an exemption from the

registration requirements of the Securities Act and in accordance with

securities laws in relevant state or other jurisdiction in the United States.

This press release may contain forward-looking statements which reflect Viking

Supply Ship's current view on future events and financial and operational

development. Words such as "intend", "expect", "anticipate", "may", "believe",

"plan", "estimate" and other expressions which imply indications or predictions

of future development or trends, and which are not based on historical facts,

are intended to identify forward-looking statements. Forward-looking statements

inherently involve both known and unknown risks and uncertainties because they

depend on future events and circumstances. Forward-looking statements do not

guarantee future results or development and the real outcome could differ

materially from the forward-looking statements.

Viking Supply Ships AB is the parent company of a Swedish shipping group with

its main office in Gothenburg, Sweden. The Group conducts its business in four

segments: Anchor Handling Tug Supply ships (AHTS), Platform Supply Vessels

(PSV), Services and Ship Management. The business is focused within offshore and

ice-breaking primarily in Arctic and subarctic areas. The Group has

approximately 500 employees and its revenue for 2015 amounted to MSEK 1,114. The

Company's series B share is listed at Nasdaq Stockholm, Small Cap segment.

www.vikingsupply.com.

This information is information that Viking Supply Ships AB is obliged to make

public pursuant to the EU Market Abuse Regulation. The information was submitted

for publication, through the agency of the contact person set out above, at

12:30 a.m. CET on 22 December 2016.